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Observations Regarding Fixed-Income Principal and Cross Trades by Investment Advisers from an Examination Initiative
Dinsmore & Shohl LLP, August 2021

On July 21, 2021, the SEC’s Division of Examinations (the Division) issued a Risk Alert detailing more than 20 examinations of investment advisers who engaged in cross trades, principal trades, or both, involving fixed-income securities as part of the Division’s FIX Initiative. The July 21, 2021, Risk Alert is a follow-up to the Sept...

Cannabis Banking: An Update on the SAFE Banking Act
Bradley Arant Boult Cummings LLP, August 2021

Despite the cannabis industry’s explosive growth, many financial institutions have been hesitant to transact with cannabis-related businesses given the ambiguity created by divergent state and federal cannabis laws. The SAFE Banking Act seeks to remove these ambiguities at the federal level and pave the way for more financial institutions to serve the cannabis industry...

Navigating the Fintech Revolution in Thailand
DFDL, August 2021

‘Navigating the Fintech Revolution in Thailand’ is the indispensable must-read guide for fintech experts who want to stay up-to-date on all current and future fintech developments and successfully navigate the sector’s many challenges and pitfalls! In this edition, DFDL reports on the current state of fintech in Thailand from a legislative and policy perspective with an overview of the current and future fintech landscape...

Cross-Agency Steering Group announces next steps to advance Hong Kong’s green and sustainable finance strategy
Deacons, August 2021

The Green and Sustainable Finance Cross-Agency Steering Group co-chaired by the HKMA and the SFC (Steering Group) announced on 15 July 2021 the next steps to advance its strategy to bolster Hong Kong’s position as a leader in green and sustainable finance and help transition the financial ecosystem towards carbon neutrality...

Hong Kong Monetary Authority issues draft Guideline for Banks on Climate Risk Management
Deacons, August 2021

On 20 July 2021, the Hong Kong Monetary Authority (HKMA) issued a draft guideline on climate risk management for consultation with the banking industry with comments due by 20 August 2021. The guideline includes expectations on governance, strategy, risk management and disclosure...

Protection of Facility Agents in the Case of Erroneous Payments
Deacons, August 2021

In the recent US case of In Re Citibank August 11, 2020 Wire Transfers (Revlon), the New York federal court held that lenders in a syndicated loan were not obliged to return an erroneous payment made by the syndicated facility agent due to the ‘discharge for value’ principle, which operated as a successful defence to unjust enrichment (click here for the full decision)...

$784M Fraud Charge Against Telemedicine Company Highlights Importance of Evaluating Telehealth Arrangements
Dinsmore & Shohl LLP, August 2021

Telemedicine and telehealth are newer and ever-expanding components of health care.[1] There are many viable arrangements for companies who wish to engage in telemedicine and/or telehealth and these arrangements can offer many benefits to the patients they serve.  However, companies and licensed individuals who provide services should be careful to understand the state and federal regulatory framework under which they operate...

The Freeze Partnership: An Estate Tax Technique For Real Estate and Other Appreciated or Leveraged Assets
Hanson Bridgett LLP, August 2021

  The freeze partnership is an often overlooked estate tax planning tool. Unlike more common estate tax planning vehicles, the freeze partnership is not a trust and, as the name implies, is a closely-held partnership, limited partnership or LLC (in this article, the term partnership will be used to refer to partnerships, limited partnerships and LLCs)...

Cyprus and Crypto Asset Regulation: CYSEC’s CASP Directive
Chrysostomides Advocates and Legal Consultants, August 2021

In an article published earlier this year, we discussed how the Prevention and Suppression of Money Laundering and Terrorist Financing Law, L.188(I)/2007 (the “AML Law”) was amended in order to harmonise domestic legislation with the 4th and 5th AML Directives (Directives (EU) 2015/849 and 2018/843 and how it introduced, for the first time, provision for the registration of Crypto-Asset Service Providers (“CASPS”)...

Private Equity in the Crosshairs
Bradley Arant Boult Cummings LLP, August 2021

Private equity investors in nursing homes should brace and prepare for an active near-term enforcement environment. Congressional skepticism of private equity involvement in healthcare, developments in False Claims Act cases and Department of Justice priorities all point towards increasing scrutiny of private equity investment in skilled nursing facilities...

Implementation of Investor Identification and OTC Securities Transactions Reporting Regimes
Deacons, August 2021

On 10 August 2021, Hong Kong’s Securities and Futures Commission (SFC) published consultation conclusions on its proposals to (1) implement an investor identification regime at the trading level for the securities market in Hong Kong and (2) introduce an over-the-counter securities transactions reporting regime for shares listed on the Stock Exchange of Hong Kong (Conclusions). The original consultation paper is available here and the Conclusions are available here...

Cryptocurrency – The Future of Banking?
Shoosmiths LLP, August 2021

In our previous article (Cryptocurrency – The Future of Money), we provided an overview of the key ideas behind cryptocurrency. In this article, we look at how cryptocurrency and digital currency might impact the corporate banking and finance market...

Select Committee Reports Back on Climate-Related Disclosures Bill
MinterEllisonRuddWatts, August 2021

Today, the Economic Development, Science and Innovation Committee (EDSIC), a Parliamentary Select Committee, reported its findings on the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill (CRD Bill).  The EDSIC summarised a number of amendments to the CRD Bill based on submissions received during the Select Committee stage which we summarise below...

From Coders to Brokers: New Proposed 1099-B Reporting for Crypto Miners and Software Developers
Hanson Bridgett LLP, August 2021

Key PointsThe Infrastructure Investment and Jobs Act (H.R. 3684) passed the Senate with a broad definition of "broker" to target cryptocurrency information reporting to the IRS.Absent amendment, the bill imposes obligations similar to IRS Form 1099-B on various technology providers in the crypto industry, even if they do not broker digital asset transactions and lack the necessary information to comply...

Mamo TCV Newsletter - July 2021
Mamo TCV Advocates, August 2021

Banking & Finance The Central Bank of Malta Issues Directive 19 on the Use of Cheques and Bank Drafts Directive No 19 ‘on the Use of Cheques and Bank Drafts’ was issued by the Central Bank of Malta on 7th July 2021 with the aim of promoting safe and effective use of cheques and bank drafts drawn on Maltese banks and financial institutions...

Shearn Delamore & Co. Legal Updates August 2021 (1)
Shearn Delamore & Co., August 2021

Financial ServicesBank Negara Malaysia issues Policy Document on Reference Rate FrameworkThe policy document on Reference Rate Framework (“RRF PD”) was issued by Bank Negara Malaysia (“BNM”) on 11 August 2021 and will come into effect on 1 August 2022...

The Three Laws of Legal Robotics
Shoosmiths LLP, August 2021

In the 1940s writer and futurologist Isaac Asimov laid down his Three Laws of Robotics. We say it’s time for lawyers to do the same. A flourishing future is ours for the taking, provided we know how to grasp it. At Shoosmiths, we’ve been working on future-facing projects for a good few years now...

Patents: Inventors can be Inhuman
ENSafrica, August 2021

“We are both created and create. Why cannot our own creations also create?” What a week First we heard that a South African patent for an invention that lists artificial intelligence (“AI”) as its inventor had been issued, a world first. Then we heard that an Australian court had handed down a judgment allowing AI to be listed as the inventor of a corresponding patent in Australia...

Cryptocurrency – The Future of Money?
Shoosmiths LLP, August 2021

Cryptocurrency, for most of us at least, has been hidden behind a veil of incomprehensible idiom for most of its lifespan. However, it has the potential to revolutionise the way we pay, borrow and lend, maybe sooner rather than later. Like quantum computing and artificial intelligence, we are told they’re set to change the world but few of us understand how that might actually work or what their impact might be...

Thailand Amends Its Interest and Default Interest Rates Under the CCC
Kudun and Partners, August 2021

The Thai government has made significant changes to interest and default interest rates to modernize Thai law and also reflect the country’s current economic situation. Due to the difficulties caused by the COVID-19 pandemic, many debtors are struggling to meet the timelines for their loan payment obligations. The Emergency Decree amending the Civil and Commercial Code B.E...

Federal Court of Justice on the Scope of the Right to Access Pursuant to Article 15(1) GDPR
Heuking Kühn Lüer Wojtek, August 2021

Background In its ruling of June 15, 2021 (Case No. VI ZR 576/19), the German Federal Court of Justice (BGH) for the first time took a comprehensive position on the scope of the right to access pursuant to Article 15(1) GDPR. Article 15 GDPR standardizes the right of access of a data subject vis-à-vis a controller...

Who is Liable for Infringing Copyright? The YouTube Case
ENSafrica, August 2021

The liability of online platforms relating to infringing IP material that appears on their platforms is an interesting topic. Who is liable for infringing material that appears on online platforms, the person who posts the material or the online platform? This was recently considered by the Court of Justice of the European Union (“CJEU”) in two separate cases. Some preliminary points Copyright news in South Africa these days is scant...

Data Breach Litigation: A Tap on the Brakes or the End of the Road for Claimant Firms?
Shoosmiths LLP, August 2021

The recent Warren v DSG decision may significantly limit the recent wave of data breach litigation by claimant firms. The High Court summarily dismissed claims for breach of confidence, misuse of private information and negligence. Introduction Last week, the High Court handed down judgment in Darren Lee Warren v DSG Retail Limited [2021] EWHC 2168 (QB), a decision that may significantly limit the recent wave of data breach litigation by claimant firms...

OP-ED: Evolving Privacy Laws Present Challenges for Smart Buildings
Schwabe, Williamson & Wyatt, August 2021

Smart buildings offer individuals, businesses and even cities better and more efficient ambient experiences. However, the connected technologies that make buildings “smart” tend to require processing massive amounts of data inputs, often including personal information...

Hong Kong’s First Application for Recognition of and Assistance to Liquidators in Mainland China
Deacons, August 2021

In May 2021, we published an article, Milestone in Hong Kong-Mainland China cross border insolvency: Mutual recognition of and assistance to Insolvency Proceedings between Hong Kong and Mainland China, which highlighted the key features of the cooperation mechanism in relation to Hong Kong-Mainland China cross border insolvency set out in the Record of Meeting of the Supreme People’s Court and the Government of the Hong Kong Special Administrative Region and Mutual Recognition of a



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